According to the EFCC, Gwarzo, his wife and
other cronies allegedly used these companies to carry out illegal
transactions in SEC.

Gwarzo, 30 months old as SEC DG, was suspended by the finance minister over allegations of financial misappropriation.

He replaced Ms. Arunma Oteh, who resigned in January 2015. Gwarzo was then the Commissioner in charge of operations.

Finance
Ministry’s Deputy Director of Information, Mrs Patricia Deworitshe in a
statement on Wednesday said that the suspension was to allow an
unhindered investigation into several allegations of financial
impropriety levelled against Gwarzo.

Deworitshes said that Mr
Abdulsalam Naif Habu, Head of Media Division, SEC and Mrs Anastasia
Braimoh, Head of Legal Department of SEC had also been suspended.

Gwarzo
allegedly paid himself N104 million severance package when he was
appointed DG SEC from the position of a Director in the same commission.